The fear of the infection increases the trend towards digital transactions instead of using currency notes

Speed ​​recorded in the digital transaction during the lockdown

APRIL 20 (WTN) - As you are aware, the lockdown period has been extended to May 3 across India to avoid getting infected with the Coronavirus infection disease and break the infection. The first phase of the lockdown prohibited economic activity in India for 21 days. Now, people were not coming out of their homes, so many types of payments were made by the digital way during this period. For your information, let us know that there is a possibility of spreading the Coronavirus infection through currency notes. In this way, as a precaution, people are adopting digital transactions to pay to avoid the Coronavirus infection during the lockdown.

cording to data from the Reserve Bank of India, the central bank of India, the RTGS (Real Time Gross Settlement) transactions of banks recorded a growth of 34 percent in the month of March. For your information, let us know that in the month of March this year, there was a transaction of Rs 120.47 lakh crore through RTGS, whereas in the month of February, only Rs 89.90 lakh crore was transacted through RTGS.

Actually, the reduction of cash and cash based services has been recorded due to the lockdown. Now, as most people are at home during the lockdown, there has been a reduction in cash withdrawal from ATMs through debit and credit cards. After knowing that the currency notes can get infected with the Coronavirus infection, people have started to prioritize digital payments instead of cash payments. For this reason, digital financial transactions have been accelerated in the third and the fourth week of March.

According to information received from the media, a total of 552.26 crore digital transactions took place across the country in the month of March. Of these 107.78 crore digital transactions to have recorded in the first week of March and 95.57 crore digital transactions were carried out in the second week of March. At the same time, in the third and fourth week of March, these transactions were seen to be very fast, while during this time, the cases of the Coronavirus infection were increasing in the country. Let us know that in the third week of March, 124.73 crore digital transactions took place, while in the third week, 224.16 crore digital transactions were recorded.

Let us tell you that during the third and fourth week of March compared to February 2020, digital payments have been recorded by 15 percent high. As far as digital payments per day are concerned, for your information, let us know that 16.8 crore payments were made in a digital way in the month of January. In the month of February, 16.2 million digital payments were made every day. But in the month of March, digital transactions increased every day to 185 million. Now, the currency notes are prone to spread of the Coronavirus infection, in such a situation, we request that you also pay more and more digitally as it can protect you.